More

    Banks are crashing, Bitcoin (BTC) is pumping, is the bank really safe?

    The world’s largest cryptocurrency was solely designed with the purpose that when traditional financial institutions fail to serve global citizens, Bitcoin will work as a hedge. Rising up to the occasion, Bitcoin (BTC) has been performing exactly the same over the last two days.

    As of press time, the Bitcoin (BTC) is trading 9.23% up for the second consecutive day, at $24,372. Over the last 48 hours, the cryptocurrency has added more than $70 billion to its investors’ wealth.

    On the other hand, a major rout in America continues on Monday’s trading session despite the Fed intervention over the last weekend.

    Courtesy: Santiment

    The shutdown of the Silicon Valley Bank (SVB) last week was the biggest banking fall since the 2008 financial crisis. Apart from that two other banks – Silvergate and Signature – faced a similar fate with depositors’ confidence in the overall banking system going down.

    People Moving Money from Banks to Bitcoin?

    On the other hand, Bitcoin’s surprise rally over the last two days shows the early signs of people moving their trust from centralized players to decentralized systems. Popular Bitcoin evangelist Michael Saylor took this opportunity to ask his followers on Twitter about how confident they are of the world’s banking system after the recent collapses. A staggering 86% of voters, so far, say they are less confident.

    In another tweet, Saylor wrote: “Bitcoin is a bank that can’t lend out, invest, gamble, dilute, debase, freeze, or seize your assets. It works all the time, everywhere in the world, and is unstoppable”.

    In a tweet on Monday, popular crypto market veteran Michael Pompliano wrote:

    “Bitcoin is up almost 18% in the last 24 hours. Very clear signal from the market that a decentralized currency that allows you to become your own bank is valued in light of the recent developments”.

    Furthermore, the good sign is that the long-term holders of Bitcoin are holding it with diamond hands. This cohort of Bitcoin investors now holds more than 73% of the total BTC supply.

    Apart from Bitcoin, other altcoins are showing strength as well. But Bitcoin seems to be clearly dominating the market rally, over altcoins, for the second consecutive day.

    This article is not financial advice to anyone. Always DO YOUR OWN RESEARCH before investing in the market. The presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement - spot_img

    You might also like...

    bitcoin
    Bitcoin (BTC) $ 27,295.31
    ethereum
    Ethereum (ETH) $ 1,903.72
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 306.47
    usd-coin
    USD Coin (USDC) $ 1.00
    xrp
    XRP (XRP) $ 0.541685
    staked-ether
    Lido Staked Ether (STETH) $ 1,902.07
    cardano
    Cardano (ADA) $ 0.3812
    dogecoin
    Dogecoin (DOGE) $ 0.073049
    solana
    Solana (SOL) $ 22.12
    matic-network
    Polygon (MATIC) $ 0.902689
    tron
    TRON (TRX) $ 0.081982
    litecoin
    Litecoin (LTC) $ 95.56
    polkadot
    Polkadot (DOT) $ 5.37
    binance-usd
    Binance USD (BUSD) $ 1.00
    avalanche-2
    Avalanche (AVAX) $ 14.89
    shiba-inu
    Shiba Inu (SHIB) $ 0.000009
    dai
    Dai (DAI) $ 1.00
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 27,330.32
    uniswap
    Uniswap (UNI) $ 5.05
    leo-token
    LEO Token (LEO) $ 3.60
    chainlink
    Chainlink (LINK) $ 6.51
    cosmos
    Cosmos Hub (ATOM) $ 10.84
    okb
    OKB (OKB) $ 45.74
    monero
    Monero (XMR) $ 148.80
    ethereum-classic
    Ethereum Classic (ETC) $ 18.36
    the-open-network
    Toncoin (TON) $ 1.76
    stellar
    Stellar (XLM) $ 0.091871
    bitcoin-cash
    Bitcoin Cash (BCH) $ 116.44
    internet-computer
    Internet Computer (ICP) $ 4.85
    true-usd
    TrueUSD (TUSD) $ 0.999469
    lido-dao
    Lido DAO (LDO) $ 2.31
    filecoin
    Filecoin (FIL) $ 4.67
    aptos
    Aptos (APT) $ 9.30
    quant-network
    Quant (QNT) $ 115.97
    hedera-hashgraph
    Hedera (HBAR) $ 0.050914
    crypto-com-chain
    Cronos (CRO) $ 0.061162
    arbitrum
    Arbitrum (ARB) $ 1.23
    near
    NEAR Protocol (NEAR) $ 1.64
    vechain
    VeChain (VET) $ 0.019989
    apecoin
    ApeCoin (APE) $ 3.36
    the-graph
    The Graph (GRT) $ 0.127793
    algorand
    Algorand (ALGO) $ 0.154341
    the-sandbox
    The Sandbox (SAND) $ 0.601298
    eos
    EOS (EOS) $ 0.92305
    paxos-standard
    Pax Dollar (USDP) $ 0.999831
    frax
    Frax (FRAX) $ 1.00
    render-token
    Render (RNDR) $ 2.68
    elrond-erd-2
    MultiversX (EGLD) $ 38.13
    rocket-pool
    Rocket Pool (RPL) $ 49.95
    optimism
    Optimism (OP) $ 1.50
    decentraland
    Decentraland (MANA) $ 0.513704
    fantom
    Fantom (FTM) $ 0.332786
    aave
    Aave (AAVE) $ 63.34
    tezos
    Tezos (XTZ) $ 0.929541
    blockstack
    Stacks (STX) $ 0.622292
    theta-token
    Theta Network (THETA) $ 0.851424
    axie-infinity
    Axie Infinity (AXS) $ 7.32
    rocket-pool-eth
    Rocket Pool ETH (RETH) $ 2,044.34
    immutable-x
    ImmutableX (IMX) $ 0.827213
    flow
    Flow (FLOW) $ 0.737056
    havven
    Synthetix Network (SNX) $ 2.39
    usdd
    USDD (USDD) $ 0.999729
    neo
    NEO (NEO) $ 10.51
    gala
    GALA (GALA) $ 0.030191
    bitdao
    BitDAO (BIT) $ 0.49522
    kucoin-shares
    KuCoin (KCS) $ 7.38
    whitebit
    WhiteBIT Token (WBT) $ 4.90
    curve-dao-token
    Curve DAO (CRV) $ 0.857383
    radix
    Radix (XRD) $ 0.067264
    bitget-token
    Bitget Token (BGB) $ 0.467478
    terra-luna
    Terra Luna Classic (LUNC) $ 0.000112
    bitcoin-sv
    Bitcoin SV (BSV) $ 33.22
    injective-protocol
    Injective (INJ) $ 7.92
    maker
    Maker (MKR) $ 689.40
    gatechain-token
    Gate (GT) $ 4.26
    klay-token
    Klaytn (KLAY) $ 0.18689
    iota
    IOTA (MIOTA) $ 0.205984
    conflux-token
    Conflux (CFX) $ 0.27233
    gemini-dollar
    Gemini Dollar (GUSD) $ 0.998894
    bittorrent
    BitTorrent (BTT) $ 0.00000059543553
    kava
    Kava (KAVA) $ 1.01
    chiliz
    Chiliz (CHZ) $ 0.10265
    pepe
    Pepe (PEPE) $ 0.000001
    tokenize-xchange
    Tokenize Xchange (TKX) $ 6.46
    casper-network
    Casper Network (CSPR) $ 0.046504
    pax-gold
    PAX Gold (PAXG) $ 1,951.29
    sui
    Sui (SUI) $ 0.971902
    mina-protocol
    Mina Protocol (MINA) $ 0.552477
    compound-ether
    cETH (CETH) $ 38.21
    gmx
    GMX (GMX) $ 56.09
    huobi-token
    Huobi (HT) $ 3.01
    dash
    Dash (DASH) $ 43.14
    ecash
    eCash (XEC) $ 0.000025
    xdce-crowd-sale
    XDC Network (XDC) $ 0.034906
    frax-share
    Frax Share (FXS) $ 6.66
    tether-gold
    Tether Gold (XAUT) $ 1,950.59
    trust-wallet-token
    Trust Wallet (TWT) $ 1.08
    frax-ether
    Frax Ether (FRXETH) $ 1,903.48
    woo-network
    WOO Network (WOO) $ 0.246212